In 2013 the Australian Government announced a Financial System Inquiry would be conducted in 2014 with the objective of:
“Examining how the financial system could be positioned to best meet Australia’s evolving needs and support Australia’s economic growth. Recommendations will be made that foster an efficient, competitive and flexible financial system, consistent with financial stability, prudence, public confidence and capacity to meet the needs of users.” www.fsi.gov.au
The Inquiry provides a blueprint for the future of Australia’s financial system.
More information about the Financial System Inquiry including the Inquiry’s Terms of Reference and members of the Inquiry Panel can be found on the Government’s Financial System Inquiry website.
BOQ teamed up with three other Australian-owned regional banks - Bendigo and Adelaide Bank, ME Bank and Suncorp Bank - to write joint submissions that highlight some of the inequities that have arisen since the Global Financial Crisis, which disadvantage smaller banks and favour the larger banks.
We believe economic growth is best supported through an efficient and competitive multi-tiered banking system in which each tier vigorously competes for customers on a level playing field. A healthy multi-tiered banking sector is the best model to guarantee Australian consumers and business will be able to access innovative and better value financial products and services into the future.
Issues have emerged since the Global Financial Crisis that result in significant competitive advantage for larger banks. In our submissions we make recommendations that seek to reinstate a level playing field and ensure long-term competition while preserving the stability of the system.
Initial submissions to the Inquiry addressing the Inquiry's Terms of Reference were due by 31 March 2014. Please see below a copy of the regional banks’ initial submission to the Financial System Inquiry and the accompanying media release.
The FSI Interim Report was released on 15 July 2014. Please see a copy of the regional banks’ response to the Financial System Inquiry Interim Report.
Second round submissions responding to the FSI Interim Report were due by 26 August 2014. Please see below a copy of the regional banks’ Financial System Inquiry Interim Report submission and the accompanying media release.
The FSI Final Report was released on 7 December 2014. Please see below a copy of the regional banks' response to the Financial System Inquiry Final Report.
The Australian Government asked for consultation on the Financial System Inquiry Final Report, with submissions due 31 March 2015. Please see below a copy of the regional banks' submission to the Australian Government and accompanying media release.
Competition Policy Review
The regional banks also advocated for a level playing field in retail banking through their joint submission to the Review of Competition Policy on 5 June 2014.